Stock market down by N33bn on sell-off in MTNN, UBA, others

By Philemon Adedeji

The Nigerian stock market depreciated yesterday by N33 billion on selloffs in MTN Nigeria Communications (MTNN), Stanbic IBTC Holdings, United Bank for Africa (UBA) and 12 others.

The All Share Index (ASI) diminished by 60.87 absolute points, representing a dip of 0.12 per cent to close at 50,014.60 points. Similarly, ln Naira term,  market capitalisation lost N33 billion  to close at N26.976 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communications (MTNN), Stanbic IBTC Holdings, United Bank for Africa (UBA), NEM Insurance and Access Holdings Plc.

Analysts at GTI Securities Limited said “The Nigerian equity market closed bearish today due to sell-off in blue-chip stocks such as MTNN and others. We expect mixed sentiments to continue, as more companies release their second quarter (Q2) results.”

As measured by market breadth, market sentiment was positive as 21 stocks gained against 15 that  decline.

NGX ASI MOST GAINERS

Nigerian Aviation Handling Company (NAHCO) recorded the highest price gain of 10 per cent to close at N5.83, per share. FCMB Group followed with a gain 9.84 per cent to close at N3.35, while Ikeja Hotel rose 9.43 per cent to close at N1.16, per share.

Multiverse Mining and Exploration went up by 9.22 per cent to close at N2.25, while Courteville Business Solutions  appreciated by 8.51 per cent to close at 51 kobo, per share.

NGX ASI MOST LOSERS

On the other hand, Associated Bus Company led the losers’ chart by 6.67 per cent to close at 28 kobo, per share. Jaiz Bank followed with a decline of 5.56 per cent to close at 85 kobo, while Stanbic IBTC Holdings shed 3.28 per cent to close at N28.05, per share.

Caverton Offshore Support Group lost 2.86 per cent to close at N1.02, while UBA shed 2.78 per cent to close at N7.00, per share.

Also, the total volume traded fell by 52.2 per cent to 133.591 million shares, worth N2.438 billion, and traded in 4,292 deals. Transactions in the shares of UBA topped the activity chart with 20.453 million shares valued at N143.647 million. Chams followed with 8.978 million shares worth N2.772 million, while Access Holdings traded 8.166 million shares valued at N72.687 million.

Japaul Gold & Ventures traded 7.346 million shares valued at N2.860 million, while Jaiz Bank transacted 7.104 million shares worth N6.240 million.